Discussing Some Questions On Conceptual Framework Of Accounting Standards

Since the announcement of America statements of Financial Accounting Concepts in 1978, the research on Conceptual Framework (CF) has been the core of financial accounting theory. Some countries and international organizations are learning from it in succession. It is broadly accepted that the CF with strict and consistent logic has been considered as the theoretic base of establishing accounting standards in the field of international accounting. So each standards setting-up body is imperative to have the guidance of a series of integrated CF when they launch on the establishment of standards. In this regard, the study of CF will be paid more attention in the near future.The viewpoint of this paper is: on the one hand, establishing accounting standards needs the guidance of accounting theories; on the other hand, although Accounting Standards for Business Enterprises-Basic Standard is more consistent with the characters of Concepts Framework of Financial Accounting (CF), the real CF of China has not yet been established. Accounting Standards for Business Enterprises-Basic Standard cannot give much guidance to the development of Specific Standards in its contents about measurement attributes, especially about fair value. The first chapter: Importance of Conceptual Framework of Accounting Standards.At first, giving a definition of accounting theory, pointing out that accounting theory can give much guidance to accounting practice. Therefore, establishment of accounting standards needs the guidance of accounting theories.The second chapter: History of Conceptual Framework of Accounting Standards Development. At first, introducing the sorts of accounting standards theory, then reviewing the researches on CF of American academic and accounting standards institution.The third chapter: Commentary on Western Conceptual Framework of Accounting Standards. At first, giving a definition of CF. Many countries and organizations in the world, such as England, Canada, Australia and IASB are influenced by the CF of America, and establish CF personally. In October 2002, FASB and IASB jointly announced intention to work towards convergence of international and domestic standards. The standard setting of America has indicated that the CF performs an important function on guiding standard setting.